The US isn’t the only one eating into OPEC’s market share — Brazil and Guyana are hitting record oil production volumes

  • OPEC+ has seen its oil market share fall to 51% this year, the IEA said Thursday.
  • While US oil output has soared, Guyana and Brazil have also produced record volumes in 2023.
  • Brazil’s output jumped 400,000 barrels a day to 3.6 million this year, according to Kpler.

The Organization of Petroleum Exporting Countries and its allies have lost market share in 2023 in large part because of a US production boom, but Brazil and Guyana are also seeing banner years for crude output.

The International Energy Agency said Thursday that OPEC+ has seen its share of the oil market shrink to 51%, the lowest since 2016.

That comes as Brazil has seen its output jump 400,000 barrels a day to 3.6 million this year, according to Kpler data shared with Business Insider and depicted below.

Brazil oil output 2023, Kpler data
Brazil crude production versus exports, in thousand-barrels-a-day 
Kpler

Kpler’s lead oil analyst Matt Smith said the country’s production is about 800,000 barrels a day higher than 2017 levels.

“We expect production in 2024 to increase by a similar volume to what it did this year, and given that refining activity is fairly steady, higher production will translate into higher crude exports,” he told Business Insider on Friday.

Meanwhile, Guyana’s production has averaged 385,000 barrels a day this year, roughly 100,000 higher than last year, according to Smith.

And output is on track to average 600,000 barrels a day for the month of December, after a new stream of crude was brought online earlier this year at the Payara offshore oil development, he added.

And with more streams due in the future, Smith sees Guyanese production topping 1 million barrels a day in the years ahead.

Guyana oil production from 2019 to present day
Guyana wasn’t producing any oil to start the decade, but in December 2023 it’s on pace to hit a record high. 
Kpler

All this presents a challenge to OPEC+, which has been announcing production cuts in a bid to control crude prices. Other countries have stepped in to fill the void that Saudi Arabia and others are leaving as they pull back on oil output, according to Smith.

Global crude prices have softened over the fourth quarter, however this week they remain on pace for their first weekly rise in two months.

ENB

Energy Dashboard

ENB Podcast

ENB Substack

About Stu Turley 3359 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.